I need to talk... hear me out!
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Original Post
Sorry in advance, this may get long...
So, we moved to a new house 2 1/4 years ago. This house rocks... I really love it. Small, but cozy and unique. The previous owners agreed to carry the loan, and my parents have been making payments. A few months ago, my parents decided they wanted to build another house on our acreage (we have 17 acres), a farmhouse, and I said I wanted to buy this house. So, I opened a low limit credit card to start building my credit so in a couple of years, I would be able to go to the bank and get a loan to pay for the house and two acres. I have three jobs, plus freelance writing stuff, so once I have a credit history, I'll be able to afford the house.
Last month, out of the blue, the owners call and say that their lawyer said we aren't paying enough monthly. They want our payments almost doubled. My parents can't afford that. So we thought, well, maybe we'll divide it sooner and by my making a payment, and them paying the rest, maybe we can squeak by. Then, the owners say, we want the realtors that sold you the house to draw up the papers for the new contract, call and arrange a time to meet with them. So, OK, Dad calls. The realtor says, we have to meet at the house. Dad says, my wife just had a baby, we are behind in the housework, we'll have to meet at your office. Realtor says, no, that won't do, owners say it has to be done at the house. By then, we were getting a really bad feeling... maybe they don't want us here anymore. So, Dad gets ahold of one of the owners... they are two sisters in their 60s. He, first of all, wants to know why it's being done with the realtors, and why at the house? She says the realtor can "explain your options" and they want to be sure the house is being kept up. What?? We weren't renting, WE BOUGHT THE HOUSE. Paid 10% down, made payments every month. What right do they have to send the realtor in here to snoop on the condition of the house, it's not like we were renting it.
They also suggested a company in St. Louis that will finance the house in a year, even for people with bad credit, supposedly. My parents have bad credit... they are filing bankruptcy next month. No company is going to give someone a loan after bankruptcy for at least 10 years. So, Dad called them back and ask, did they still want to carry the loan, they said yes, short term. So, basically, we're stuck. The owners are biting us in the butt, so to speak, and trying to take a house we paid money on, and have been paying for, away.
I don't know what we're going to do. I have $8 in my checkbook, my parents have $12. How are we going to afford a down payment on a house, or even on an apartment? Who will rent a house big enough for 3 adults and 6 kids for the amount we've been paying? How are we going to get rid of a house, garage, barn, and shed worth of stuff? Yard sale? We have glassware, furniture books, etc., that wouldn't get near the right amount. My parents have to save all this month just for the bankruptcy attorneys fee. I really don't want to move. I had such great plans for this house. I wanted to remodel it, paint, etc. Yeah, I could rent my own apartment, somewhere close to work, but its not the same as having a house to live in and love, you know what I mean? Sorry to bore everyone, I'm just so upset right now.
Posted at 11:07pm Nov 6, 2007 EST
Responses
When it takes over a month to save $400 for a bankruptcy attorney, saving possibly thousands to fight over the house is a daunting task.
Posted at 11:23pm Nov 6, 2007 EST
hate to admit it, get legal help even if it is money you can't afford. Something odd going on here and you may not be the first one. Also bear in mind the states is having one hell of a time for repossessions, the effect on everything is even starting to bounce over here in Uk now. people are frightened to lend to those who may be struggling. If you find you can't handle this there may be some help somewhere with free advice or you may have a legal help line attached to the policy etc: Whatever you do, don't think it will go away, it won't. In the long run you may have to cut your losses and get out before more money is paid out.. it is not nice at all.
Posted at 11:23pm Nov 6, 2007 EST
Look at the original contracts your parents signed. How long is it good for? The owners cannot just "change their minds" in the middle of a contract. That is exactly what a contract is for...to protect both the owner and the buyer. As long as your family is current on their payments and makes their payments on time, you should be able to force the owners to live up to the agreed contract for the time frame it stipulates.
Posted at 11:23pm Nov 6, 2007 EST
I'm sorry, this is complicated. You do need an attorney. If you didn't get a contract after the 1st year, I'm not sure what will happen.
Posted at 11:24pm Nov 6, 2007 EST
Definite legal help. I thik even without a contract, if they let you live there for a year, then you have affirmative defense. But make sure with an attorney.
And I would find out what it is about that property that they are so all of a sudden interested in.
Posted at 11:33pm Nov 6, 2007 EST